THE ANNUAL REVIEW 2010 - PEI Media
THE ANNUAL REVIEW 2010 - PEI Media
THE ANNUAL REVIEW 2010 - PEI Media
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private equity annual review <strong>2010</strong> pa g e 1<br />
the pei annual review <strong>2010</strong><br />
A market recovers<br />
i s s n 1 4 7 4 – 8 8 0 0<br />
It’s been a tough few years for the global private<br />
equity industry. The uncertainty and dislocation<br />
resulting from the credit collapse and global<br />
financial crisis in 2008 was followed in 2009<br />
by market unpredictability and upheaval. A<br />
dearth of leverage brought buyout markets to<br />
a standstill; too many portfolio companies were<br />
showing severe signs of distress; fund valuations<br />
were written down dramatically; limited partners<br />
kept tighter grips on their purse strings;<br />
and critics once again were taking aim at an<br />
industry whose core tenets were being called<br />
into question.<br />
Evidence of the revolution and evolution<br />
that detractors, as well as industry insiders,<br />
were subsequently calling for, however, is<br />
plain to see. Examining headlines carried in<br />
<strong>2010</strong> by PrivateEquityInternational.com –<br />
this review’s cover image – shows an industry<br />
firmly in recovery mode, adapting its approach<br />
as market cycles change. For instance: “Scholars<br />
find buyout funds produce alpha”; “Blackstone,<br />
Bain fund interests back at par”; “PE portfolios<br />
surge at CalPERS, CalSTRS”; and “Private<br />
equity IPOs trump market average”. There<br />
are plenty more.<br />
This edition looks back at some of the year’s<br />
key issues: the shifting relationships between<br />
fund managers and their investors; the revival<br />
of M&A activity; the secondaries surge fuelled<br />
by the withdrawing banking sector; and the<br />
widely anticipated distressed investment<br />
boom that didn’t quite happen as expected.<br />
We chronicle the year’s top stories (p. 6), from<br />
the rise of RMB funds in China and impressive<br />
momentum in emerging markets, to regulatory<br />
challenges and veteran private equity firms’<br />
changing compositions post-crisis.<br />
We also, of course, highlight the investors,<br />
managers, advisors and transactions that<br />
particularly stood out from the crowd in<br />
<strong>2010</strong> with our annual awards section (p. 30).<br />
The list of winners, decided by thousands of<br />
voters from around the world, makes plain that<br />
the brightest players in the industry are now<br />
thriving, rather than just surviving.<br />
Reading back through these pages, it’s clear<br />
that <strong>2010</strong> marked a much-needed turning point<br />
for the private equity industry. That’s not to say<br />
it’s all smooth sailing ahead, but if the energy<br />
and resolve displayed by hardworking GPs and<br />
investors in <strong>2010</strong> continues, then 2011 should<br />
be filled with even more positive headlines.<br />
Enjoy the Review,<br />
Amanda Janis<br />
Senior Editor<br />
Senior Editor, Private Equity<br />
Amanda Janis<br />
Tel: +44 20 7566 4270<br />
amanda.j@peimedia.com<br />
Editor, Private Equity International<br />
Toby Mitchenall<br />
Tel: +44 20 7566 5438<br />
toby.m@peimedia.com<br />
Editor, PrivateEquityInternational.com<br />
Christopher Witkowsky<br />
Tel: +1 212 633 1072<br />
christopher.w@peimedia.com<br />
Contributors<br />
Jenny Blinch<br />
Nicholas Donato<br />
Jenna Gottlieb<br />
Aston Tan<br />
Hsiang-Ching Tseng<br />
Graham Winfrey<br />
Editor-at-Large<br />
David Snow<br />
Tel: +1 212 633 1455<br />
david.s@peimedia.com<br />
Editorial Director<br />
Philip Borel<br />
Tel: +44 20 7566 5434<br />
philip.b@peimedia.com<br />
Head of Marketing<br />
Paul McLean<br />
Tel: +44 20 7566 5456<br />
Paul.m@peimedia.com<br />
Design and Production Manager<br />
Joshua Chong<br />
Tel: +44 20 7566 5433<br />
joshua.c@peimedia.com<br />
Head of Production<br />
Tian Mullarkey<br />
Tel: +44 20 7566 5436<br />
tian.m@peimedia.com<br />
Group Managing Director<br />
Tim McLoughlin<br />
Tel: +44 20 7566 4276<br />
tim.m@peimedia.com<br />
Co-founder<br />
David Hawkins<br />
Tel: +44 20 7566 5440<br />
david.h@peimedia.com<br />
Co-founder<br />
Richard O’Donohoe<br />
Tel: +44 20 7566 5430<br />
richard.o@peimedia.com<br />
Head of Advertising<br />
Alistair Robinson<br />
Tel: +44 20 7566 5454<br />
alistair.r@peimedia.com<br />
Head of Business Development<br />
Jeff Gendel<br />
Tel: +1 212 633 1452<br />
jeff.g@peimedia.com
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